Customer relationship marketing or CRM helps companies to retain customers, as well as boost the overall effectiveness of their marketing strategies. According to Ram V Chary, CRM is often guided by technology for the purpose of providing the most appropriate level of customer service to the discerning patrons. Mr. Chary was the former President/CEO of Everi Holdings Inc., which is a company that provides cash access and customer relationship marketing technologies to the gaming industry. His experience in the company has made Mr. Chary a perfect candidate to shed some light on customer relationship management and marketing technologies.
Ram V Chary underlines a few important customer relationship marketing strategies
Customer relationship marketing is largely based on the aspects of client relationships and customer loyalty. In this marketing technique, customer data and feedback are used for the purpose of developing long-term relationships with customers and ensuring the laser-focused brand awareness. Ram V Chary points out that the CRM processes significantly differs from the traditional transactional marketing approaches that are more focused on growing the individual sale numbers of a business.
Companies that follow the CRM technique and prioritize customer relationships tend to be more successful in creating strong customer connections, which ultimately aids in promoting their customer loyalty and increasing customer lifetime value. These companies also benefit from word-of-mouth promotion to quite an extent.
The CRM process builds upon customer experience management, and subsequently puts a good level of focus on improving customer interactions in order to foster superior brand loyalty. There are several ways that companies can go about CRM, including gaining an understanding of the customer requirements and anticipating their needs, delivering unparalleled customer service at all times, as well as providing loyalty program perks and rewards for repeat customers.
According to Ram V Chary there are multiple CRM strategies available that businesses can try out to boost their prospects. Here are a few of those strategies:
- Listening and responding to customers: Diverse social media channels can be used to address the concerns of the customers, and promptly reply to their comments and complaints.
- Display value to customers: Businesses should customers that they value them by spontaneously recognizing their concerns, and impressing them in multiple unexpected ways.
- Give customers free information: Identifying important customer topics and interests and then creating content to address those aspects can be beneficial for any company. They must additionally provide customers with free access to such content, which may include informational videos on products offered by the company or newsletters that highlight the stories of individual customers.
- Expanded loyalty rewards: While any business can offer perks and rewards, it is important that they try to expand beyond the typical reward program and give their patrons certain unexpected benefits to gain their loyalty.
Frequent and consistent communication is an important part of CRM. Businesses must try to make sure that they engage with customers as often as possible, through social media, email, messages, and so on.